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02.01 10:24:55

Pelikan to sell Australian subsidiary - Australia

Pelikan International has announced that its 94.5% owned subsidiary, Pelikan Holding AG (PHAG) has entered into heads of agreement with Columbia Products Pty Ltd to sell Columbia Pelikan (Pelikan Australia) for A$15mil (€11.8m) cash.

 

Pelikan says that the proposed disposal is in line with its plans to divest non-core assets. “Columbia Pelikan is an associate company of PHAG and the management does not participate in the day-to-day operations and direction of Columbia Pelikan,” the company said in a statement.

 

Pelikan president and chief executive officer Loo Hooi Keat said in that the focus of Pelikan was capitalising on distribution, branding and research development.

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